Posted by Private Lender on November 05, 2009 at 14:26:32:
In Reply to: Any private lenders had a borrower declare BK? posted by Eric Michaels on November 05, 2009 at 11:43:39:
- Get the deed before BK
- If not, is it individual BK or entity BK, how is the property titled ?
- Once in BK, need "relief from stay" or have the Trustee "abandon the property"My recent experience:
- personal BK, property in entity, lawyer advised not to sign over before BK.
- BK discharged in April, claims then filed, blah, blah, blah....
- end result is I have a buyer, (have to finance them), BK final hearing in Nov., property then
"abandoned", entity will sell to Buyer